BitLicense at 5: Despite Architect Lawsky’s Hopes, Few States Copied NY Rules
Few states have developed their own cryptocurrency regulations – and none that did build a regulatory regime have followed the New York model.
NYDFS has added Binance USD to its approved list, cutting away most of the red tape around custody and listing of the stablecoin.
NYDFS Superintendent Linda Lacewell said she decided to review the regulator's landmark virtual currency license in light of its impending 5-year anniversary.
The crypto custody provider has filed paperwork with New York's financial regulator to offer its services in the state.
The regulator hopes the new three-strike rule will encourage BitLicense applicants to ensure they've taken its feedback on board.
While some exchanges left New York in the wake of its implementing the BitLicense, others say the regulatory regime have helped build market share and revenue.